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when is the start of the day?

Discussion in 'Beginners Bootcamp' started by swingfiddle, Sep 9, 2010.

  1. swingfiddle

    swingfiddle Private

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    what time i will consider the start of the day so to set up the fibonacci and have the daily support and resistant?
     
  2. Nico Kniestedt

    Nico Kniestedt Private

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    The start of a day is when the server time passes 24:00 hours into 00:01. Hope this helps

    Nico
     
  3. swingfiddle

    swingfiddle Private

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    but then if my platform is at gmt and yours at edt then my start of the day will be 5 hours after you.if my lowest will be at 2:00 gmt am,the same canddle (low )will show in your edt platform at 9:00 pm the previous day!so because of that you can have a different low than mine:confused:(or high whatever):confused:
     
  4. Pharaoh

    Pharaoh Colonel

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    Forex is a 24x5.5 market. Different brokers have different clock settings. This throws off a lot of Daily indicators, since not every broker and not every trader will agree on one standard.
     
  5. swingfiddle

    swingfiddle Private

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    so most traders would consider their high or low from the begining of the asian session or at the london open?for drawing the fibonacci for example...
     
  6. Eric Alyea

    Eric Alyea Master Sergeant

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    Time to trade, Recap

    Time to trade, Recap
    RiceX did a good thing on that.

    http://www.forexpeacearmy.com/forex-forum/beginners-bootcamp/8632-time-trade.html

    If you study and do back testing you will learn the best activity time for the “Pair” you are working with:
    e.g.:
    Eur/Usd you will seek the first movement (my time) 02:00 - 05:00CST/USA, then the big stuff 09:00 - 12:00CST/USA
    If your smart you will take the stuff above and turn it in to GMT.
    It’s easy if you know it. Get your pencil out.

    {Sometimes in forex you have GMT+1 a lot of times, It’s hard to sober a Russian programer (west of the boarder) up to the time of the rest of the world}
     
    #6 Eric Alyea, Sep 28, 2010
    Last edited: Sep 28, 2010

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